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That is why TSCL so strongly opposes the President's proposal. True, it would be a boost for those now employed. But it will do nothing for those who are unemployed, and those are the people who need the most help right now. There are other ways to aid them, as well as to help the currently employed..The COLA will be announced in mid - October and the Medicare Part B premium often is announced by the end of November..To learn more and to participate in TSCL surveys and polls, visit..This study has found that Social Security benefits tend to lose buying power over time, because prices of the goods and services most frequently purchased by older Americans tend to increase more quickly than the COLA. In this year's study, price data indicate that Social Security benefits lost 30 percent of buying power since 2000. The 2020 findings represent an improvement in benefit buying power of 3 percentage points from January 2000 through January 2020. Several items came down in price, particularly electricity, as well as a few food items including fresh fruits and vegetables..The flowers in the vase don't have enough water..Which Repairs Are Worth Doing Before Selling A Home?.The Senior Citizens League agrees that these faults in the program are unacceptable and unsustainable. With over ten thousand Baby Boomers becoming eligible for Social Security benefits every day, Congress must act to ensure that SSA is fully funded and equipped with the leadership that is needed to serve our older and disabled Americans. As Ranking Member John Larson said at Wednesday's hearing, "What is Social Security if not the full faith and credit of the United States government?".Currently the program pays out more in benefits than it receives in cash revenues. The interest on money owed to the Social Security Trust Funds, however, is helping to fund the benefits of today's retirees. But because the government must borrow the amount of money needed to repay funds borrowed from Social Security in the past, that drives up federal spending. Some Members of Congress are saying that benefits must be reduced, or that higher revenues are needed, to reduce the deficit..TSCL recently endorsed The BASIC ACT introduced by Senator Christopher Murphy that would pay the deceased beneficiary's Social Security benefits for each day a recipient lives. The bill would send the beneficiary's estate a check for the days lived in the final month. The legislation would also increase the size of the Social Security death payment from 5 to 50% of the deceased beneficiary's typical monthly Social Security income with 5 as the minimum payment. As currently structured, the legislation would cost an estimated 0 million each year.